Shorts on bitcoin have increased from 1,500 on 6th June to almost 20,000, according to TrustNodes.
- Amid the rising sellers, bitcoin has countered pressure by increasing to $39,000 from a low of $32,000, exposing shorters.
- There is a likelihood of some of the sellers closing willingly should the price continue moving against them.
- Sellers on bitcoin are not expected to face short squeezes as they are projected to be on low leverage of about 3x.
It remains to be seen whether bitcoin shorters will hold on, risk liquidation, or cut the losses to give prices a boost.
BTCUSD is up 3.94%.